Philippe Ruault, the head of products clearing, settlement, custody, trade and market services at BNP Paribas Securities Services, is in an expansionist mood.

A week after the French bank's custody and clearing arm announced an important extension of its collateral joint venture with Euroclear to four more European countries, Ruault is talking confidently about how the regulatory push for higher quality collateral to shore up balance sheets is opening up opportunities for BNP Paribas to extend its collateral management services.